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Peter Heaton-Jones Weekly Newsletter 21st March-Budget Special

WELCOMEWelcome to my latest newsletter. Please forward it to anyone else who you think would like to receive it, and they can sign up at my website. If you would prefer not to receive it, please use the unsubscribe button below. And please get in touch if there are any issues you would like to discuss.

Budget: OverviewThis week's Budget was good news for businesses, pensioners and hardworking families in North Devon. As you can see from the photo, I have already been out on the streets with volunteers delivering the good news and talking to people about the main points.

The raising of the income tax allowance means millions of workers will keep more of their money. Everyone will be able to earn £10,500 without paying any tax. The threshold at which people will have to start paying the 40% tax rate has also been increased.

The tax breaks for businesses will encourage investment and expansion. This is very important because small and medium sized enterprises are the backbone of North Devon's economy.

Most significantly, savers and pensioners have been given a big boost. George Osborne has announced wide-ranging tax and regulation changes which will mean better returns for savers and more freedom for pensioners to decide how and when to access their hard-earned money. This is the biggest change in the pension rules for almost a century and I think will be welcomed by many people.

Budget: North DevonI want to highlight three measures in the Budget of particular significance to North Devon:

Firstly, I welcome the news that our vital Lifeboats Service will be getting more money. The Chancellor will divert some of the fines from the banking scandal to ensure the safety of our coastlines.

Secondly, our excellent Devon Air Ambulance will receive a boost with the removal of VAT from their fuel costs. That represents a big saving for this vital rural service.

And thirdly, I will be pushing to ensure that North Devon receives its fair share of the £200 million announced by the Chancellor to help local councils undertake repairs to our roads, with potholes a top priority.

Budget: SummaryThe headline is that the Conservative Party's long-term economic plan is working. There is still more work to be done of course, but I believe this Budget is good news for North Devon.

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